Hey everybody this is Phil Town and this is Phil Town and this is Danielle Town

and welcome to the Investive Podcast where we are deeply invested with the double entendre in learning in learning

investing Warren Buffett style Charlie Munger style, not really value investing the way you

buy 200 stocks and they're all super cheap with a PE of six, not really that way.

We're really looking at just buying a lot of value

for a really good price.

I like that.

And not a lot of value stocks, just a lot of value.

It's a lot of value. And I really want to make that distinction because this

investing style or this investing strategy is used by Warren Buffett to buy farm operations, to buy housing, to buy buildings, to own an entire business, and to buy public

stocks. And it is, in other words anything including buying soybeans and or

coffee beans and taking them downtown and selling them for more than you paid

any of that falls under our strategy of

investing that we call Rule 1 investing. We're only calling it Rule 1 investing

because it reflects Warren Buffett's contention that it's only investing when you focus on not losing money,

that you intend to buy something that you're very, very certain you'll be able to sell for more than what you paid for it or for what you paid for it.

So you have very little, if any downside at all, and you have a lot of upside.

Monash Pabry calls it investing when it's like getting a free lottery ticket.

You're not going to lose money on your lottery ticket ever and it may take off and be a big winner.

And Warren actually says, go ahead.

I was just going to ask you what rule number one is.

And rule number one is don't lose money.

...